RNVA Rennova Health Inc (CE)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 or 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): August 21, 2023

 

Rennova Health, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

001-35141		68-0370244
(Commission File Number)		(I.R.S. Employer Identification No.)

 

400 S. Australian Avenue, Suite 800, West Palm Beach, Florida		33401
(Address of Principal Executive Offices)		(Zip Code)

 

(561) 855-1626

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered under Section 12(b) of the Act:

 

Title of each class		Trading Symbol		Name of each exchange on which registered
None		None		None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01. Regulation FD Disclosure

 

On August 21, 2023, Rennova Health, Inc. (the “Company”) issued a press release announcing that Seamus Lagan, our Chief Executive Officer, would be interviewed on Uptick Newswire’s “Stock Day” podcast with Kevin Davis. A copy of the press release is attached hereto as Exhibit 99.1 and a transcript of the interview is attached hereto as Exhibit 99.2.

 

The information furnished pursuant to this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits

 

(d)

Exhibits

 

Exhibit No.		Exhibit Description
99.1		Press Release dated August 21, 2023
99.2		Transcript of Interview of Seamus Lagan
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 21, 2023	RENNOVA HEALTH, INC.
	By:	/s/ Seamus Lagan
		Seamus Lagan
		Chief Executive Officer
		(principal executive officer)

 

 

 

Exhibit 99.1

 

 

RENNOVA HEALTH, INC. PROVIDES UPDATE AFTER FILING 2023 SECOND QUARTER FINANCIAL STATEMENTS

 

WEST PALM BEACH, Fla. (August 21, 2023) – Rennova Health, Inc. (OTC: RNVA) Chief Executive Officer Seamus Lagan recently joined Stock Day host Kevin Davis to provide an update after filing the 2023 second quarter financial statements and other information in its Form 10-Q with the SEC.

 

Davis began the interview by congratulating Lagan on the opening of a mental and behavioral health facility at its hospital and filing the Company’s second quarter 10-Q on time.

 

Davis went on to ask about what he saw as a fabulous recovery in revenues and profits and asked Lagan if the revenues of over $11 million and profits of over $2 million for the six months disclosed in the 10-Q was sustainable and further asked what the full year for 2023 might look like.

 

Lagan stated that he believed the revenues were sustainable and credited the management and employees with a continued focus on running an efficient operation which he expects to remain profitable. He continued to explain that the additional services being provided, and consistent patient volume, could mean revenues in excess of $20 million for 2023.

 

Davis followed by asking about the expectation for revenues from the recently opened 30 bed facility at the hospital campus by the Myrtle Recovery Centers, Inc. subsidiary, for alcohol and substance abuse services.

 

Lagan stated that it was good to see the facility opened and repeated that he believed this business would fit well with hospital operations. He went in to say that when operating at full potential this first facility for Myrtle should generate $4 - $5 million in profitable revenues a year.

 

Davis then mentioned the fast approaching year end and suggested that the Company could be leaving 2023 with annualized revenues in the $25-30 million range and be profitable. He asked Lagan how he intended to deliver continued growth and where he saw the Company a year from now.

 

 

Lagan responded that the current operations plus the behavioral health business should give the Company an annualized run rate of $25-30 million by year end. He went on to remind Davis that there were still some items to be fixed from previous more difficult days but explained the intention to formulate a plan before year end to duplicate the current model in the Jamestown facility in 2024, and stated that if that was successful it would be possible to leave 2024 with annualized revenues of $50-60 million. He confirmed his belief that this was achievable.

 

Davis ended the interview by asking Lagan what message he would like the Company’s shareholders to take away from the interview. Lagan responded by saying that he believed the Company was now delivering what it had hoped to deliver from work done over the past couple of years and stated a belief that there will be continued success and growth over the next couple of years.

 

To hear Seamus Lagan’s entire interview, follow the link to the podcast here:

https://audioboom.com/posts/8351331-rennova-health-inc-is-featured-on-the-stock-day-podcast

 

Investors Hangout is a proud sponsor of “Stock Day,” and Stock Day Media encourages listeners to visit the company’s message board at https://investorshangout.com/

 

About Rennova Health, Inc.

 

Rennova Health, Inc. (“Rennova,”) is a provider of health care services. The Company owns one operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, a rural clinic in Kentucky and an alcohol and drug treatment facility operated by Myrtle Recovery Centers, Inc.

 

For more information, please visit www.rennovahealth.com

 

Forward-Looking Statements

 

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Contact:

 

Rennova Health

561-855-1626

info@rennovahealth.com

 

 

Exhibit 99.2

 

Rennova Health, Inc. (RNVA) Interview

CEO Seamus Lagan on Uptick Newswire – August 2023

 

Speakers: Kevin Davis and Seamus Lagan

 

Davis: On today’s show, we’re bringing back a returning company. The name of the company is Rennova Health, Inc. They trade on the OTC Exchange under the ticker symbol ‘RNVA’. With us today is the company’s CEO, Mr. Seamus Lagan. Seamus, welcome back to the podcast.

 

Lagan: Thanks, Kevin. I appreciate the opportunity to be here.

 

Davis: Seamus, congratulations on opening your behavioral health division and also congratulations on filing your second quarter financials on time. Let’s start with the financial statements. You have been consistent with your message that you could deliver a recovery and these results clearly demonstrate the best quarter you have had in a long time. Revenue for the year to date is in excess of $11 million and you have already generated just over $2 million in profits. That is a fabulous recovery. Now, here is the blunt question. Is it sustainable and what do you think the full year of 2023 will now look like?

 

Lagan: Thank you, Kevin. We firmly believe that current revenues are sustainable and we’re hopeful that we can continue to grow the current business with some additional services. The credit really must go to the management and the team of employees on the ground that manage the daily operations. They have continued to provide an excellent service to patients and remain focused on improving efficiencies across the board for us. With the recent addition of swing beds and an expectation for patient volume to remain at the current levels, I expect 2023 revenues to surpass $20 million and for operations to remain profitable.

 

Davis: Seamus, earlier in the week you announced that your subsidiary, Myrtle Recovery Centers, has now opened its first 30 patient facility for alcohol and substance abuse services at your hospital campus. We have previously spoken about Myrtle but can you remind us about why this works with your existing business, and can you also tell us about what revenues you expect from this business?

 

Lagan: It is great to have this facility open Kevin. It is good to see it now accepting patients. The business fits well with the hospital and it is a great use of space that we had available there. It will obviously take a few months to build the business to its full potential but once we get there, this first facility should generate $4 to $5 million of profitable revenues a year. That is quite exciting for us.

 

Davis: The last few months of the year are fast approaching, and it sounds like you could be leaving 2023 with annualized revenues in the $25 - $30 million range and be profitable. How do you plan to deliver continued growth in 2024 and where do you see this Company in another year from now?

 

 

Lagan: The current hospital and behavioral health business should give us a run rate of $25 to $30 million by year end as you suggest. We still have some things to fix from our more difficult days but we intend to formulate a plan before the year end to duplicate the current business model in our Jamestown property in 2024. Kevin, if we manage that and perhaps start with offering the behavioral health service and then add the critical access hospital model, it is totally possible that we leave 2024 with annualized revenues in the $50 to $60 million range. That’s the current goal and we believe that is achievable.

 

Davis: Folks, you’ve been listening to Seamus Lagan. He is the CEO of Rennova Health, Inc. They trade on the OTC Exchange under the ticker symbol ‘RNVA’. Seamus, before we part ways for today, what do you want to leave your shareholders with as a message from this interview?

 

Lagan: Kevin, I think that once again we have predicted this. We have worked hard for the last couple of years and I think we are delivering the results that we had hoped to deliver. I believe we can continue with this success and we can continue to grow this company, so I look forward to the next year or two and delivering some value for our shareholders.

 

Davis: Wonderful! Well we are definitely looking forward to getting updates from you in the future and can’t wait to talk to you then.

 

Lagan: Thank you very much, Kevin, appreciate it.

 

v3.23.2

Cover	Aug. 21, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 21, 2023
Entity File Number	001-35141
Entity Registrant Name	Rennova Health, Inc.
Entity Central Index Key	0000931059
Entity Tax Identification Number	68-0370244
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	400 S. Australian Avenue
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	(561)
Local Phone Number	855-1626
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false

---